Premji In­vest eyes 10-15% stake in Wild­craft In­dia

Shoes & Accessories - - The Month That Was -

Premji In­vest, the fam­ily in­vest­ment arm of Wipro chair­man Azim Premji, may in­vest ` 100 crore in Wild­craft for a mi­nor­ity stake. The in­vest­ment by Premji In­vest is likely to value Wild­craft In­dia at $150 mil­lion. Premji In­vest, the fam­ily in­vest­ment arm of Wipro chair­man and bil­lion­aire Azim Premji, is in talks to ac­quire a 10-15% stake in Wild­craft In­dia Pvt. Ltd, a Bengaluru-based ad­ven­ture equip­ment and out­door gear firm, said two peo­ple fa­mil­iar with the de­vel­op­ment. For the mi­nor­ity stake, Premji In­vest will in­vest about $15 mil­lion (`100 crore), one of them said on con­di­tion of anonymity. “In this lat­est round of in­vest­ment, the com­pany is val­ued at $150 mil­lion, and this is pri­mary fund-rais­ing, and no ex­ist­ing in­vestor will make part-ex­its,” the per­son added. Started in 1992 by Di­nesh K.S., Wild­craft of­fers shoes, jack­ets, ruck­sacks, sleep­ing bags, tents and hik­ing ac­ces­sories. It has two man­u­fac­tur­ing plants—in Bengaluru and Hi­machal Pradesh—and em­ploys around 2,500 peo­ple. It has over 160 stores in 65 cities and towns, and also ex­ports its wares. The firm ex­pects to earn ` 550-600 crore in rev­enue in 2017-18, up from around ` 400 crore in the cur­rent fi­nan­cial year, said a Mint re­port in March.“we have a four-year tar­get now of be­ing at about ` 1,000 crore and the mix would be in the range of 50:50 or 60:40 be­tween gear and ap­parel-footwear,” said co-founder Sid­dharth Sood in the re­port. Roughly 70% of Wild­craft’s prod­uct port­fo­lio to­day is made up of out­door gear, 20% is cloth­ing and 10% is footwear. In 2013, Sil­i­con Val­ley-based ven­ture cap­i­tal firm Se­quoia Cap­i­tal in­vested $11 mil­lion (`70 crore) in Wild­craft to ac­quire a 20% stake.

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